Nike just took a huge haircut on hockey. In an exit that shows not every acquisition works out as expected, Nike dumped its Bauer hockey division Thursday for $200-million (U.S.). This is the same unit that Nike bought for $545.8-million back in 1996. Nike paid up for Bauer 12 years ago on expectations of 30-per-cent plus growth in U.S. hockey equipment sales. As any fan of the NHL knows, Americans just never embraced the sport; hockey at every level remains a niche market south of the border. Even Nike's considerable marketing prowess couldn't change consumer sentiment. Any number of acquisitions and private equity deals predicated on rapid revenue growth, and evolving consumer tastes, will face the same fate. Bauer's buyers are U.S. private equity fund Kohlberg & Company and Sherbrooke-born arena operator Graeme Roustan, who works out of Florida after winning a U.S. visa in a government-sponsored lottery in 1998. Kohlberg & Co. is a $2-billion fund focused on mid-market companies, founded by a former principal in Kohlberg Kravis Roberts & Co. Lazard advised Nike on this exit.